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British and European gas prices both hit record highs as Ukraine’s war wreaked havoc on energy markets, threatening to hit the cost of living.
The NBP index in London rose at one point to over 500 percentage points, surpassing the all-time high set in December, amid a dire situation that caused the collapse of a number of household gas suppliers. The index for European gas, The Dutch Title Transfer Facility, also touched 200 euros for the first time, however then managed to stabilize again.
Market analysts warn of further new fluctuations between the risk of major supply problems, sanctions and a new cold wave. High gas prices have already forced Ofgem to raise the price limit that suppliers can set, with a new expected maximum of 97 1.97.
The rise reflected a fourfold increase in energy market prices before Russia, the world’s second-largest gas supplier, invaded Ukraine, a country through which many of its gas pipelines to Europe pass. Prices have risen again since the outbreak of the war, prompting warnings that the bill limit could move significantly again. Russia supplies gas to nearly 40 percent of the old continent, and markets are now struggling to assess the impact of a Russian gas cut due to conflict or Western sanctions.
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